IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

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Under Illinois law, if a buyer at auction discovers that the purchased item has a lien against it that was not disclosed, what remedy may be available?

No remedy; buyer beware applies at all auctions The buyer may seek rescission of the sale and/or damages for breach of the warranty of title The buyer must accept the item and pay off the lien The auctioneer is personally responsible for all liens

Correct Answer:

The buyer may seek rescission of the sale and/or damages for breach of the warranty of title

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